Bloomberry Resorts, a casino operator and developer in the Philippines, is expected to post third-quarter interest, taxes and depreciation (EBITDA) earnings of 4.9 billion PHP ($86.6 million), down 9% quarter-on-quarter. That follows estimates from brokerage Morgan Stanley Asia released last week.
“We expect this to be the first quarter since 2022,” analysts Gareth Leung and Praveen Chohari wrote in a note
Bloomberry’s consolidated EBITDA was 5.46 billion PHP in the three months ended June 30.
The company is expected to report its third-quarter earnings next month.
Morgan Stanley attributed the quarterly EBITDA decline to a loss of market share and winning percentage, which Bloomberry expects.
“We expect Solaire [resort and casino] to see a lower quarter-over-quarter total game sales market share,” it said. “Part of the decline can be attributed to fluctuations in winning percentages. We expect the domestic-dependent slot [business] to remain robust.”
Bloomberry operates a Solaire property (pictured) in the Metro Manila area. The company is also developing a casino resort project in Vertis, Quezon City, which is expected to open next year.
Earlier this month, Bloomberry completed a share issue and subscription transaction. The company raised S$5.59 billion in fresh funding, according to data submitted to the Philippine Stock Exchange.
MayBank IBG Research says in mid-September it raised its 2023 earnings forecast by 23% as Bloomberry’s net profit for the first half of this year “outpaces” market consensus. The agency also raised its 2024 earnings forecast by 15%.
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